SocGen analysts said that "central....>

US TSYS/BUNDS: SocGen analysts said that "central banks are torturing investors"

as a "cocktail of low rates and hesitant steps towards tighter policies, with

threatening macro data, all makes for tough investment choices."

- They add that "this regime of financial repression continues to pressure

valuations, pushing investors to take on more yield, duration or risk than is

reasonable by any standard. To avoid the pain of underperforming benchmarks,

investors are pushed into looking for meagre gains by trading the ranges just

now. They are unlikely to hold much beyond 3Q, suggesting longer value in

conditional trades."